- 11 U.S.C.
In re Citizens Corp.
Sep
12
2012
Ruling
Stay lifted to allow guarantors to prosecute breach of contract claims against bank.
Procedural posture
Movant guarantors filed a motion in the bankruptcy court, seeking relief from the stay that was imposed when a corporation ("debtor") declared chapter 11 bankruptcy so they could pursue counterclaims in state court against a bank that acted as lead bank for the debtor's prepetition lender group and third-party claims against the president of a financial data technology corporation. The chapter 11 trustee opposed the motion.
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Court
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